Which of the following would most likely increase the price of chicken, a normal good?
a. a reduction in the price of grains used to produce chicken feed
b. a reduction in the price of beef, a substitute for chicken
c. unusually hot weather that kills millions of chickens before they are ready for market
d. a decrease in consumer income
c
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Suppose that a sporting goods store had $800 of golf balls on its shelves at the beginning of 2016 and $1,300 at the end of 2016. The amount of inventory investment included in GDP would be
A) $500. B) $800. C) $1,300. D) $2,100.
When barriers to trade are imposed, we should expect some groups to be harmed at the expense of other groups
a. True b. False Indicate whether the statement is true or false
If actual real GDP is greater than the equilibrium level of real GDP (i.e., the aggregate expenditure function is below the 45-degree line), how is equilibrium restored?
The minimum wage has its greatest impact on the market for teenage labor
a. True b. False Indicate whether the statement is true or false